3. Crypto has never had the “cover fire” of its two biggest, most Lindy, most headline assets having a free walk to ATHs. You combine that view with the view of many crypto market participants that both BTC and ETH “don’t have enough meat left on the bone”. Up 55% and up 100%?… Show more

The institutional ETFs are here en masse and there is now regular traditional media coverage of the crypto startup scene. It mostly lacks nuance but it’s permeating the mainstream zeitgeist. The maturation of market structure also helps here as liquidation cascades are simply less prevalent given the enormous liquidity provided by these traditional... See more

We’re at the fun part of the market where crypto has lost trillions of dollars in value and people are scrambling to make up reasons why it’s useful.

There's no doubt that this situation has been influenced by our recent past, with the seemingly endless stream of calamity and political strife. It's also influenced by how we see the future - and many people think the future is generally bad. I guess the crypto enthusiasts are just trying to maximize their bottom line or take refuge in ideologies ... See more

When you make a bet on crypto, what is it you’re betting on?

We are in the earliest innings in this space, but I’m now more bullish on crypto than ever before because it is both an inflationary hedge and a way to empower new forms of ownership in a world that is trending towards everything becoming an investible asset.

Crypto enables the financialization of almost everything, including things you didn’t think could be financialized. This includes a meme, a song, a person’s future net worth, or a community. This amplifies the “investing as entertainment” thesis even further.

Matt Huang, a prominent investor, spoke for many crypto fans when he said on Twitter: “Crypto may look like a speculative casino from the outside. But that distracts many from the deeper truth: the casino is a trojan horse with a new financial system hidden inside.”